Bitcoin rose above $71,000 on Wednesday, shrugging off geopolitical tensions linked to escalating Middle East tensions and rising global oil prices, as data from the chain showed selling pressure may be drying up.
Conclusion
- Bitcoin rose more than 5% above $71,000, hitting the upper end of its recent consolidation.
- The exchange’s entry fell to 28,235 BTC, a level historically associated with reduced selling pressure and potential rally phases.
- Technical indicators, such as the positive Balance of Power, indicate that the short-term momentum of buyers is strengthening.
Tired of selling Bitcoin? Exchange rates fall to near-term lows
According to CryptoQuant analysis, the recent military intervention in Iran sent shockwaves through the energy markets, with WTI oil surging above $75 and Brent hitting $82 after a 6% sequential gain. While the broader macro fundamentals remain volatile and the bear market structure remains technically sound, Bitcoin has shown significant relative strength.
At the time of CryptoQuant’s assessment, Bitcoin (BTC) was trading around $68,637 and approaching what analysts describe as a rally zone. A key metric supporting this thesis is exchange inflows, the amount of BTC transferred to exchanges, which is often a precursor to sales.
Historically, readings below 40,000 BTC correspond to weak selling pressure and a market bottom, while levels above 90,000 BTC indicate a bullish cycle.
On March 3, 2026, inflows of the currency were recorded at only 28,235 BTC, which is significantly lower than the previous peak of between 97,587 BTC and 134,619 BTC. The volatile trend suggests that sellers may be weary, even as global volatility remains.
Bitcoin price action and key levels
Based on the attached daily chart, Bitcoin is currently trading around $71,795 after the release of the daily green candle, up more than 5%. This move comes after a sharp correction from the January peak near $95,000, and the price will find a local bottom in early February in the $63,000-$65,000 range.
After the decline in surrender style, Bitcoin is consolidating in a wide range between support around $65,000 and resistance at $72,000. A recent attempt to break above $71,000 will bring the price back to the upper boundary of this consolidation band.
Immediate resistance is now around $72,000-$73,000, followed by a heavier support zone near $78,000-$80,000, where the previous breakout has accelerated. On the downside, the first support is at $68,000 and the strongest structural support is around $65,000.
A break from this level opens the way to the February low near $63,000.
Volume has picked up moderately in the recent retracement, although it remains below the pace seen in early February.
Meanwhile, the Balance of Power indicator turned positive, currently hovering around 0.77, indicating that buyers are taking short-term control after weeks of volatility.
While the broader macro picture remains uncertain, Bitcoin’s ability to consolidate through geopolitical pressure, coupled with low exchange inflows, suggests that the market may be moving from a split to an early-stage rally.
A decisive daily close above the $72,000-$73,000 zone will strengthen the case for a broader recovery effort.
